Public Service Electric and Gas Capital, L.P. Announces Redemption of its 8% Cumulative Monthly Income Preferred Securities, Series B NEWARK, N.J., Nov. 21 /PRNewswire-FirstCall/ -- Public Service Electric and Gas Capital, L.P., a limited partnership of which Public Service Electric and Gas Company is sole general partner, announced today (November 21,2003) that it has called for redemption all of its outstanding 8% Cumulative Monthly Income Preferred Securities, Series B (NYSE PEG PrX - CUSIP# 744569302), at a price of $25.00 per preferred security. The redemption will take place on December 31, 2003. The redemption agent for the issue is Wachovia Bank National Association. The distribution to be paid on December 31, 2003 will be paid in the normal manner to holders of record as of December 30, 2003. DATASOURCE: PSE&G CONTACT: Paul Rosengren of PSE&G, +1-973-430-5911 Web site: http://www.pseg.com/

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